The Shipowners' Club Bounce Back to Black

The Club has reported a combined ratio of 98.6%, an increase in gross tonnage of 0.8m to 25.4m and an overall surplus of US$ 14.7m, including a return on the investment portfolio of US$ 11.8m.

Chairman Philip Orme announcing the results highlighted that “the Club has again delivered an underwriting surplus despite slightly reduced income. During the year we witnessed an increased number of vessels entering lay up as a result of a downturn in shipping activity especially in the offshore sector for which the Club is a significant provider of liability cover."

"We saw increased vessel numbers and overall tonnage grow slightly, mainly a consequence of owners taking delivery of larger offshore vessels such as heavy lift, accommodation and specialist pipe lay and construction vessels. We also noticed a general increase in the size of entered vessel within most vessel categories as even fishing vessels, tugs and small coastal vessels increased in size," he added.

"Members’ funds are invested in a number of asset types with the vast majority in Fixed Income securities and the balance in Equities. We measure performance by way of internationally recognised benchmarks and in each asset category we performed above the benchmark. This resulted in an encouraging investment return of US$ 11.8m,” Philip concluded.

The Shipowners’ Club is a mutual marine liability insurer, providing Protection and Indemnity insurance for small and specialist vessels since 1855.